103: A (Leader's Inn-A product of Arif Khan-0313-2206622) The following data is taken from the accounting records of Mumtaz Industries: 1. Purchase of Raw Material on account Rs. 160,000. 2. Raw Material Account showed a Debit Balance of Rs. 20,000 on Dec 31, 2010, 3. Direct Labor used Rs. 150,000. 4. Direct Labor paid Rs. 100,000. F Good 320 5. Factory overhead incurred on account Rs. 115,000. n 6. Factory overhead is applied at the rate of 80% of Direct Labor Cost. 7. Goods-In-Process on Dec 31 were as: a. Raw Material Rs. 45,000. b. Direct Labor Rs. 25,000 8. 90% of the finished goods were sold at 25% above cost. 1:25 Required: 1. Give the necessary entries for the above transactions. 2. Compute the cost of Goods-in-process on Dec 31, 2010. L 95 125 980 IN